PEP 109: Nellie Akalp Returns with Specific Small Business Advice for Parent Entrepreneurs

Nellie Akalp, CEO and Founder of Corpnet* which provides new and existing business owners cost effective, comprehensive services to start and grow a business returns to the show.

Listen to our first conversation here.

Here’s how to take that idea, and start it off right! You need to set up your business legitimately so there are no issues in the future.

What are the different business entities I, as a startup business entrepreneur need to consider:

Sole Proprietorship – one person operations doing business under their own name, or a fictitious name filing (DBA) in that particular state or county.

There isn’t much asset or liability protection for the business owner.

Partnership – two or more person operation.

There also isn’t much asset or liability protection for the owners.

Corporation or LLC

S-Corporation – most prominent legal entity available that comes with all the liability and asset protection. There are tons of formalities and lots of paperwork involved, and you set up your company with the IRS with many tax benefits. TALK TO YOUR TAX EXPERT FOR DETAILS!

LLC – Limited Liability Company – a really hot entity now, and most financial advisers are recommending it, and you have many options to tax this company under different entities. You get the liability and asset protection with minimal formalities and less paperwork.